5 Tips for Developing a Budget-Friendly Business Marketing Strategy
If you closed down your business temporarily because of the COVID-19 pandemic, you may be gearing up to reopen soon. But with limited cash on hand, you might be wondering how to get the word out without stretching your budget too thin. These tips will help you draw up a brand new marketing plan, apply for grants and loans for your business, and employ fresh advertising tactics that allow you to reach new customers online.
Before you reopen your business, it’s important to spend some time outlining your new marketing plan and determining how much you’ll need to spend to execute this strategy. Think about how you can make each dollar go farthest, and consider whether or not you will need to hire more employees or contractors for expanded marketing efforts. You should also analyze how new customers have found you in the past in order to craft your strategy.
Financing Your Plans
Developing a new marketing strategy will require an investment. If your business is currently short on funds, you’re not the only entrepreneur struggling with this problem – but help is out there. Seek out funding or grants specifically intended for small businesses that have lost revenue because of the pandemic. For instance, you may want to find out if you would be eligible for assistance through the CARES Act, The Main Street Business Lending Program, or an SBA Express Bridge Loan. It’s always worth applying – you never know what you’ll qualify for!
Marketing Through Social Media
Social media marketing is one of the most affordable ways to get in touch with your customers or clients. Digital Marketing Institute recommends setting up accounts on several platforms and then spending most of your time focusing on the ones your customers use frequently.
Whether you choose to outsource these tasks to a contractor or delegate them to an employee, make sure that anyone who is accessing your social media accounts from home is proactive about data security. Recommend that they encrypt their WiFi connection, install antivirus software, and keep their devices away from curious kids!
While social media marketing can help you reach people who haven’t come across your business before, email marketing is the best way to touch base with long-term customers. If you already have an email marketing list, it’s time to let them know about your reopening plans – and possibly send them an exclusive promo code! They will definitely be excited to hear from you again. Phonexa also recommends including a single-click email sign-up form on your website to gain more subscribers.
Finally, don’t underestimate the power of visual advertising offline! Whether you want to block off an afternoon to set up new merchandising displays, purchase some posters to let passerbys know about a sale, or put a sign outside about your reopening date. Think of this as a cheap and easy marketing method. Plus, you’ll have an excuse to get creative and revamp your brick-and-mortar space. With lockdown restrictions loosening up, many people are enjoying their time outdoors, so if they walk past your business, make sure they don’t miss it!
Reopening your business during these challenging times can feel like a venture into the unknown. After all, you’re still dealing with uncertainty about the future. That’s why moving forward with a clear marketing plan is so important. If you can develop a cost-effective marketing strategy, you’ll be well on your way to boosting sales.
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